The "CNN Killer" has raised $5 million from undisclosed investors.

Planet Daily, the new video startup announced a few weeks ago by ex-HuffPo execs Ken Lerer and Eric Hippeau, has raised $5 million from undisclosed investors, according to a Form D filed today with the SEC.

Planet Daily, which will reportedly launch this summer in time for the presidential elections, is a video news startup targeted at the Jon Stewart set. The service is a joint venture with Bedrocket Media, another startup that Mr. Lerer has invested in. Planet Daily has been touted as a “CNN killer,” but they should probably set their sights a little higher, because who still watches CNN anyway?

We’ve reached out to the team at Lerer Ventures for more information on this, but word has it that they have a CEO summit today, so we haven’t heard back yet. We’ll update as soon as we know more.